They highlighted the long-term rise and not the recent decline. Their concern about core inflation's potential to increase has not been eased by the recent decline in energy prices.

Because of this, there is concern of a potential disruption in gasoline supplies due to this switch-over.

They are likely to acknowledge the firmer data since the January meeting.

The strength across all labor-market indicators does suggest the Fed will likely raise rates in March.

The change from 'likely' to 'may be' takes away any strong signal they'll be raising rates.

Any way you slice it, the report suggests homebuilding is holding up quite well, and it will continue to be strong until we see a significant rise in mortgage rates. There's no evidence that a peak has been reached in the housing market.